Answer:
The Journal entries are as follows:
(i) On May 1, 2019
Inventory A/c Dr. $87,000
To Notes payable $87,000
(To record purchase of inventory)
(ii) On Nov 31, 2019
Interest Expense A/c Dr. $5,075
To Interest payable $5,075
(To record the Accrued the interest.)
Workings:
May to Nov = 7 months
Therefore,
Interest Expense = 87,000 × 10% × 7÷12
= $5,075
Jackson will be paying $100 more than his father.
Answer: <em>customers' lack of money
</em>
Explanation:
Here, in this particular case we can state that the restaurateur Andrew who owns and run a popular contemporary but expensive Chinese restaurant is addressing the fact that customer's lack money. The fact in this particular case is that consumers are willing to pay a modest amounts for the small amount of food being served while in contrast not paying for the "atmosphere" of his restaurant.
Answer:
$11,875; $1,575
Explanation:
Total cost of starting an own business is as follows:
= purchase office supplies + monthly electricity bill has increased
= $75 + $50
= $125 per month
Total revenue = $12,000 per month
Opportunity cost refers to the cost of forgone something in order to choose some other alternative.
Opportunity cost or Implicit costs:
= Earning from Job + Income from garage apartment
= $10,000 + $300
= $10,300
(a) Barney's average monthly accounting profits:
= Total revenue - Total cost
= $12,000 - $125
= $11,875
(b) Barney's average monthly economic profits:
= Accounting profits - Implicit cost or Opportunity cost
= $11,875 - $10,300
= $1,575
Alex's country was once communist, but now allows limited private ownership of companies, and lets market forces determine production and pricing decision is the kind of 'Market Socialist' economy.
Market socialism, sometimes known as liberal socialism, is an economic system that strikes a balance between free enterprise and socialist planning. In this system, businesses are publicly owned, but output and consumption are determined by the market rather than by governmental planning.
In real life, Market socialism components have been present in a number of different economies. A version of market-based socialism, based on socially owned cooperatives, workers' self-management, and market allocation of capital, is usually regarded as having existed in the former Socialist Federal Republic of Yugoslavia.
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